Canada Stocks: TSX advances for third day as investors eye US election

Restaurant Brands International

05/11/2024 22:02

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      TSX ends up 0.54% at 24,387.9
    

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      Financials rise 0.79%; tech gains 0.72%
    

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      Thomson Reuters adds 3.24% after earnings beat
    

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      Restaurant Brands down 3.12% as results miss estimates 
    

  
 (Updates to market close)
    By Nikhil Sharma and Fergal Smith
       Nov 5 (Reuters) - Canada's main stock index rose for a
third straight day on Tuesday, helped by gains for technology
and financial shares, as investors awaited the outcome of the
U.S. presidential election and looked ahead to a Federal Reserve
interest rate decision.
    The S&P/TSX composite index  .GSPTSE  ended up 131.84
points, or 0.54%, at 24,387.9, adding to a modest winning streak
since posting on Thursday its lowest closing level in more than
three weeks.
    "Right now, the markets are in wait-and-see mode," said
Colin Cieszynski, chief market strategist at SIA Wealth
Management. "Wait and see what happens with the U.S. election,
and wait and see what happens with the Fed."
    The presidential contest between Republican Donald Trump and
Democrat Kamala Harris hurtled toward an uncertain finish as
millions of Americans headed to the polls to choose between two
sharply different visions for the country.
    Canada sends 75% of its exports to the United States. The
nation posted a higher-than-expected trade deficit of C$1.26
billion ($908 million) in September mainly on account of lower
prices.
    The U.S. central bank is expected to lower its key interest
rate by a quarter percentage point at a policy announcement on
Thursday.
    The heavily weighted financials sector  .SPTTFS , dominated
by big five banks, rose 0.79% and technology  .SPTTTK  was up
0.72%.
    Industrials  .GSPTTIN  also notched gains, adding 0.77%, as
shares of Thomson Reuters Corp  TRI.TO  climbed 3.24% after the
company reported quarterly results ahead of analysts'
expectations.
    Energy  .SPTTEN  edged down 0.02% as the price of oil  CLc1 
settled 0.72% higher at $75.59 a barrel.
    Restaurant Brands International Inc  QSR.TO  was among the
stocks that lost ground. Its shares fell 3.12% after the Burger
King parent missed market estimates for quarterly results.

 (Reporting by Fergal Smith in Toronto and Nikhil Sharma in
Bengaluru; Editing by Shreya Biswas and Richard Chang)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))